Working, stay-at-home, or single – All mothers require life insurance

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Written by PolicyBazaar

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Modified 22 January 2018

According to studies women in general are either underinsured, or do not have life insurance protection at all. However, women require life insurance as much as men do - and for mothers, the need for a good life insurance policy becomes even more crucial. Irrespective of whether a woman is a working, stay-at-home, or even a single mother, the need for life insurance cannot be disputed. Here is a look into why life insurance for mothers is a must and all mothers require life insurance:

The Working Mother

A vital reason for purchasing life insurance plans is income replacement. If the policyholder passes away unexpectedly, a term life insurance policy offers a death benefit to the beneficiaries mentioned in the policy.

In their younger years, children rely on parents for all the basic necessities. In double income households, i.e. where husband and wife are both earning, the former is not the only one requiring life insurance, both need it equally and independently. The thought that in case one partner passes away, the surviving spouse will pay the bills and take care of the children is not warranted. Though it is disturbing to think about, it is practical to consider an unfortunate but possible situation where both mother and father pass away at the same time. It is also necessary to understand if a single income can support all the household, children’s and other expenses.

It is therefore imperative for both father as well as mother to have independent life insurance policies and name each other as primary beneficiaries. Thus, all mothers require life insurance. Other trusted family members and/or adult children can be nominated as the secondary beneficiaries, considering the worst-case scenario that both parents may pass away at the same time.

The Stay-at Home Mother

All mothers require life insurance including those who are not professionals. Stay-at-home mothers do not earn, but they do a whole lot of work - home chores, managing kids, and various other responsibilities. If a stay-at-home mother passes away suddenly, her husband will have to take care of the kids, himself, while also ensuring that the mothers’ duties get managed as well. It would be a struggle for the surviving spouse to work full-time, while at the same time take care of all these duties as well.

Certain studies show that if all the different duties done by a stay-at-home mother is converted to monetary terms, it works out to a sizable amount annually. Stay-at-home mothers are instrumental in saving such huge amounts and they work round-the-clock, so it is only fair that they get life insurance as well.

For these mothers, it is best to get enough term insurance coveragethat at least lasts until the children begin college. The insurance cover should last longer if both husband and wife plan on paying for the children’s college education.

The Single Mother

Though all mothers require life insurance, it can be said that single mothers definitely need it the most. When married couples buy life insurance policies, there is always the possibility that one parent will be there to take care of the children. However, this is a luxury that single parents do not enjoy, as their children are solely dependent on them.

If a single mother passes away unexpectedly, there may be dependable family members to take care of their children, however an important question that arises is whether they can financially afford it. It is therefore non-negotiable that every single mother must have a good life insurance policy with a sizable insurance cover so that her child/children are assured of a financially secure future.

Term Insurance is the Best Solution

Irrespective of whether a woman is a working, stay-at-home, or a single mother, term life insurance is ideal for all. All mothers require life insurance, especially with the convenience of online insurance purchase, getting a life insurance policy has become even quicker, less cumbersome, and easier than ever before.

Life insurance for mothers promises financial security, is inexpensive, and in case of her premature demise, it will provide a substantial death benefit to the children, ensuring that they have a financially secure and healthy life.

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